Rent vs Buy

[Blue_boost]

So you admit your still paying off your home ,
So technically you are a renter and the bank is your landlord you miss your payment and your out.

You are sort of right. But if the bank kicked me out, the house has gone up over half a million dollars since I bought it, that would be mine to take away with me along with my deposit.

Renters just get a boot up the arse .

I also have a rental property which I pay less in payments than I receive in rent. I can't for the life of me understand why the renter don't go buy themselves as it's cheaper.. likely the bank won't let them get a foot in the door as the renter squandered their money . Can't get the deposit together. That's the definition of the rental trap

 

[Memberberries]

You are sort of right. I bought my house many years ago at about half the price of what it's worth now. Had a nice deposit too. So my payments are about half what the house would command on the rental market if it was on the market for rent . So renters are paying way more to live than I do. Plus renters would never find a house like mine for rent, it's a good 55sqs lol.

It went up in price so much it allowed me to buy another house to rent out. Again my payments are less than what I receive in rent.. so thanks again renter for paying it off for me. As a double punch Again the rental property has jumped up in value by about double.

If I cashed in my rental property I'd own my house outright with some cash to burn. But I'll sit on it whilst it continues to go up on value. Houses go up in value all whilst the renter pays it off, mugs.

If I'd rented back in the day and squandered my money like renters do I'd be at least $1m cash behind.

I wish I could go back in time to.when I was 17 and tell my younger self not to surround myself with losers and not worry about partying all the time.

I'd own 3 houses today!

 

[Wahesh]

You are sort of right. But if the bank kicked me out, the house has gone up over half a million dollars since I bought it, that would be mine to take away with me along with my deposit.

Renters just get a boot up the arse .

I also have a rental property which I pay less in payments than I receive in rent. I can't for the life of me understand why the renter don't go buy themselves as it's cheaper.. likely the bank won't let them get a foot in the door as the renter squandered their money . Can't get the deposit together. That's the definition of the rental trap

As I may have already mentioned to you, given the price of houses these days, the likely cost of rent over a lifetime is the same that one would spend on a house MINUS expenses such as Water Service, Land Tax, Insurance etc...

Also, you should be glad there are renters. If there wasn't, you would lose a form of income.

 

[Blue_boost]

Homeowners that bought 10 years ago, most of them are millionaires just through the rise in the price of their property.

But all the renters that said I'll buy next year and next year and wait for the prices to drop are still renting.. maybe they are thousandaires or hundredaires

 

[Wahesh]

Homeowners that bought 10 years ago, most of them are millionaires just through the rise in the price of their property.

But all the renters that said I'll buy next year and next year and wait for the prices to drop are still renting.. maybe they are thousandaires or hundredaires

A lot of renters here in Sydney will buy a property in a city like Brisbane or Newcastle where houses are much more affordable yet rent is fairly competitive with Sydney. For instance, I know a guy who owned a house in Sydney. He sold it, bought 3 houses in Newcastle, and now receives 3x the rent.

 

[Blue_boost]

A lot of renters here in Sydney will buy a property in a city like Brisbane or Newcastle where houses are much more affordable yet rent is fairly competitive with Sydney. For instance, I know a guy who owned a house in Sydney. He sold it, bought 3 houses in Newcastle, and now receives 3x the rent.

That's not really your typical renter. That's a great option for people priced out of the market in Sydney

 

[Boxer]

You are sort of right. But if the bank kicked me out, the house has gone up over half a million dollars since I bought it, that would be mine to take away with me along with my deposit.

Renters just get a boot up the arse .

I also have a rental property which I pay less in payments than I receive in rent. I can't for the life of me understand why the renter don't go buy themselves as it's cheaper.. likely the bank won't let them get a foot in the door as the renter squandered their money . Can't get the deposit together. That's the definition of the rental trap

Where do you live in Canada?
Houses are not cheap to buy , house in the Bankstown area are between 800k- 1.5 mill.

 

[Boxer]

Homeowners that bought 10 years ago, most of them are millionaires just through the rise in the price of their property.

But all the renters that said I'll buy next year and next year and wait for the prices to drop are still renting.. maybe they are thousandaires or hundredaires

10 years ago was the housing boom still wasn’t cheap, 20 years ago was the right time to buy.
Bought a house in greenacre for 270k now worth 900k .

 

[Blue_boost]

10 years ago was the housing boom still wasn’t cheap, 20 years ago was the right time to buy.
Bought a house in greenacre for 270k now worth 900k .

Anytime is a good time to buy. If you hold long enough the prices will only go up and really gap the renters. Every day the renters wait, they get left further behind.

Wahesh of all people made a great point above. The renters are priced out of Sydney then buy somewhere else, central coast, blue mountains , Goulburn or Gold coast perhaps. Rent it out and rent in Sydney if you must.

 

[Memberberries]

No matter what goes down in my life I will never abandon Sydney.